IL Tax Hike Repeal Bills IntroducedMon, 01/31/2011 - 11:32
Legislation to repeal the 66% income tax increase passed in the IL General Assembly on the final day of the recent lame duck session has been introduced in both the House and Senate.
The legislation would both supersede the increases and return income to rates to 3% for individuals and small businesses and 4.8% for corporations. The individual income tax rose to 5 percent and the corporate tax to 7 percent during the lame duck session.
Both bills have many co-sponsors; however political insiders say it is too early to tell what modifications to the tax increases will gain any traction. The new legislative session begins this week with the House scheduled to be in February 1-2 and the Senate scheduled for February 1- 3.